CHINA

China Warns Against Trying to Evade Review of Li Ka-Shing’s Port Deal

Published: Apr. 28, 2025 2:02 p.m. GMT+8

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Photo: Bloomberg

China’s antitrust watchdog has warned parties involved in CK Hutchison Holdings Ltd.’s stalled sale of international port assets not to bypass regulatory scrutiny, signaling heightened oversight of a deal that could reshape global infrastructure ownership.

The State Administration for Market Regulation’s spokesperson said in a Sunday statement that the agency is “paying close attention to the relevant transaction and will conduct a review in accordance with the law.”

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China’s antitrust regulator warned CK Hutchison and buyers not to bypass review in the $22.8 billion sale of 80% of its port assets across 43 ports in 23 countries.
The transaction stalled amid scrutiny over Panama ports, leading the buyer consortium led by BlackRock to consider splitting the purchase.
The deal faces regulatory reviews in multiple countries, geopolitical attention, and an exclusive negotiation window expiring July 27, 2025.

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Who’s Who

CK Hutchison Holdings Ltd.: CK Hutchison Holdings Ltd. is a Hong Kong-based conglomerate controlled by the family of billionaire Li Ka-shing. In March, the company announced plans to sell an 80% stake in its port unit, Hutchison Port Holdings, which operates in 43 ports across 23 countries, as part of a $22.8 billion deal currently under regulatory review and facing geopolitical scrutiny.

Hutchison Port Holdings: Hutchison Port Holdings is a port unit owned by Hong Kong-based conglomerate CK Hutchison Holdings Ltd. It operates in 43 ports across 23 countries. CK Hutchison recently announced plans to sell an 80% stake in Hutchison Port Holdings as part of a major international transaction that has attracted regulatory and political attention due to the strategic importance of some assets, particularly two Panama ports.

BlackRock: BlackRock is a U.S.-based asset manager leading the buyer consortium in the proposed $22.8 billion acquisition of an 80% stake in CK Hutchison’s port unit. The consortium includes Global Infrastructure Partners (GIP) and Terminal Investment Ltd. (TiL). BlackRock, along with GIP, is considering acquiring the Panama ports separately to facilitate regulatory approvals. BlackRock also owns a 30% stake in TiL, with the rest owned by MSC and Singapore’s GIC.

Global Infrastructure Partners (GIP): Global Infrastructure Partners (GIP) is a member of the buyer consortium involved in the proposed $22.8 billion purchase of an 80% stake in CK Hutchison’s port unit. In the reported deal restructuring, GIP and BlackRock are considering acquiring the Panama ports separately, while TiL would take the remaining global port assets. GIP is a major infrastructure investment firm, and its participation in this deal underscores its interest in strategic international port operations.

Terminal Investment Ltd. (TiL): Terminal Investment Ltd. (TiL) is a container terminal operator that is majority-owned by Italian shipping giant MSC. In the CK Hutchison port asset deal, TiL was part of the initial buyer consortium alongside BlackRock and Global Infrastructure Partners (GIP). TiL is poised to acquire the non-Panama port assets (41 ports) if the transaction is split, due to ongoing regulatory and political scrutiny surrounding the Panama ports included in the deal.

MSC Mediterranean Shipping Company: MSC Mediterranean Shipping Company is an Italian shipping giant that majority-owns Terminal Investment Ltd. (TiL), a container terminal operator. In the deal to acquire CK Hutchison’s port assets, TiL is part of the buyer consortium alongside BlackRock and Global Infrastructure Partners (GIP). TiL is 70% owned by MSC, with the remaining 30% held by BlackRock and Singapore’s GIC. MSC is a key player in global container shipping and port operations.

GIC: GIC is Singapore’s sovereign wealth fund, investing globally to manage Singapore's foreign reserves. In this deal, GIC owns a 30% stake in Terminal Investment Ltd. (TiL), which is part of the BlackRock-led consortium seeking to acquire CK Hutchison’s port assets.

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